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MUMBAI: Fitch Ratings has downgraded city-based realty player Lodha Developers by a notch due to its inability to reduce debt. The downgrade reflects Lodha's inability to reduce its leverage, as measured by net debt or adjusted inventory, to a level appropriate for its previous rating, the rating agency said in a statement here. Fitch has also downgraded the long-term rating on Lodha's $200 million senior unsecured notes due in 2020 to 'B' from 'B+'.

By Valentina Za and Silvia AloisiMILAN (Reuters) - A drive by Italian banks to come clean on bad loans during a European bank health check may force them to raise as much as 20 billion euros in capital, three times more than that penciled in so far, to shore up their balance sheets.

By Liz Alderman Greece, the weak link in the eurozone, is struggling to pay its debt as its people and its creditors grow more restive. The tumult poses a challenge to the euro and the Continent's goal of economic unity. If Greece goes bankrupt or decides to leave the 19-nation eurozone, the situation could create instability in the region and reverberate around the globe. Q. What happened in Greece? A. Greece became the epicenter of Europe's debt crisis after Wall Street imploded in 2008.

MUMBAI: Ratings agency Fitch Ratings has downgraded Lodha Developers' Long-Term Issuer Default Rating to 'B' from 'B+'. Fitch has also downgraded the long-term rating on Lodha's $ 200 million senior unsecured notes due in 2020 to 'B' from 'B+'. The Outlook is Negative, the ratings agency said in a statement. This is the second downgrade the realty major has received in the last two months. In May, Moody's Investor Services also downgraded Lodha on weaker-than-expected operating performance.

We’ve spent quite a bit of time recently discussing the fact that China faces tough choices as Beijing attempts to counter decelerating economic growth while maintaining a peg to what has lately been one of the world’s strongest currencies. With pressure coming from four consecutive quarters of capital outflows totaling some $300 billion, devaluation is a somewhat risky (if inevitable) proposition and so the PBoC has opted for interest rate and RRR cuts to keep liquidity flowing into the economy.

Submitted by Gail Tverberg of Our Finite World blog, If oil is “just another commodity,” then there shouldn’t be any connection between oil prices, debt levels, interest rates, and total rates of return. But there clearly is a connection.

Coastal Energy Co said it has agreed to be acquired by Spanish oil firm Cepsa for about $2.3-billionincluding debt, in a deal that would increase Cepsa’s exploration and production capabilities in Southeast Asia.
Cepsa will create a new entity for the purchase in which investment firm Strategic Resources Global Ltd (SRG) is an investor.
Under the deal, Cepsa will pay $19 per Coastal Energy share in cash, a premium of 28% to the closing price of the stock on Monday on the Toronto Stock Exchange.